News
Celebrating Our Staff
On Thursday, December 16, Helen Demsher was presented with the G.R.I.T. President's Award by Wheaton Chamber of Commerce President Vickie Austin. This award is presented to an individual who helped support and shape the presidency of the Wheaton Chamber President. "As...
Standard business mileage rate to go up in 2022
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business...
Increase Coming for Illinois Minimum Wage
The minimum wage in Illinois is set to increase another dollar on Saturday, January 1, 2022. The new wage will be $12 an hour. Governor JB Pritzker signed legislation in 2019 putting the state on the path to a $15 an hour minimum wage by 2025. There have been three...
Remember to use up your flexible spending account money
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An Account for Health Expenses A pre-tax contribution of $2,750...
Employers: The Social Security Wage Base is Increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold...
Celebrating 25 Years Together
This October 31st, Managing Partner Ron Austin celebrates his 25th year at the firm. We here at MMA are grateful for everything that he does and look forward to working with him for many years to come!
Selling a Home: Will You Owe Tax on the Profit?
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast,...
Employee Retention Credit Update
In 2020, when Congress passed the CARES Act, they provided a refundable payroll tax credit for 50% of qualified wages and allocable health plan costs called the Employee Retention Credit (ERC). For 2020 the maximum credit was...
Changes to the Child Tax Credit & the Child and Dependent Care Tax Credit
On March 11, 2021, the American Rescue Plan Act was signed into law by President Biden. Two important changes included significant updates to the Child Tax Credit and the Child and Dependent Care Tax Credit. Child Tax Credit...